Sri Lankan shares decline as IT leads losses; logs tenth weekly gain

Sri Lankan shares closed lower on Friday, with broad-based losses led by information technology stocks.

The CSE All-Share Index fell 1.3% to 17,434.33, snapping a three-day rally but still marking its tenth straight weekly gain.

Sri Lankan tires and rubber manufacturer Richard Pieris Exports and dairy products manufacturer Kotmale Holdings were the top percentage losers on the CSE All-Share index, falling 6.7% and 6.5%, respectively.

Trading volume on the index fell to 164.8 million shares from 171.3 million shares in the previous session.

Sri Lankan shares pulled up by gains in real estate

The equity market’s turnover climbed to 4 billion Sri Lankan rupees ($13.35 million) from 3.69 billion rupees in the previous session, according to exchange data.

Foreign investors were net sellers, offloading stocks worth 137.1 million rupees, while domestic investors were net buyers, purchasing shares worth 3.86 billion rupees, the data showed.